The way we make an offer in real estate is in writing. Any offer submitted in writing to the seller’s agent must be presented to the seller. In order to put an offer in writing we will fill out a contract, sign it and send it to the sellers. It will clearly lay out the terms of the transaction and each party’s obligations.
Here is the information you need for the offer:
- The price you want to offer the seller. We’ll come up with a price and negotiate.
- The percent you are putting as a down payment.
- The type of loan you are using: FHA, Conventional, VA, Paying Cash, etc.
- A Closing date about 50-60 days from when you are signing
- Amount of seller’s concession if you are using one
- Whether or not you need to sell a house before you can buy this one
- Whether or not you have a real estate license
- Any additional items you may be requesting/negotiating. For example if you are asking the sellers to remove a dead tree before the closing or if the sellers offer to include a home warranty.
The documentation to provide along with your offer:
- Mortgage Pre-approval – This will show how much you can afford and what type of loan you are using and the percentage down. You can get this from any bank or mortgage representative.
- Proof of Funds – If you are buying the house with all cash (no mortgage) you will need to show a bank account of some kind with the money in it.
What you don’t need:
- An immediate deposit (most of the time) Because of electronic signatures we now schedule a date about a week or so after you sign the contract for you to send your initial deposit. This is so you can make an offer without having to meet me to sign papers and give a check.
- An attorney You’ll need an attorney once your offer is accepted and it is a good idea to start looking for one but you don’t need one in order to make an offer.
Your offer may have some variations on this but for the most part this is what you will need to get started and if we have to answer a few more questions or provide different documentation or paperwork we will gather that as well.